Metorex says copper output up 15 pct in July-Sept
South African miner Metorex, the takeover target of Chinese metals group Jinchuan, said on Monday its copper output for the three months to end-September rose 15 percent from the previous quarter.
Metorex said in a statement production rose to 15,202 tonnes from 13,218 tonnes in the quarter to end-June, while cobalt production rose 11 percent to 942 tonnes.
Copper output represented a quarterly record for the company, CEO Terence Goodlace said in a statement.
Metorex, with a busy project pipeline and potential for expansion, seeks to more than double its current annual copper production of around 50,000 tonnes.
The company has operations in Democratic Republic of Congo (DRC) and Zambia.
Metorex shareholders have voted overwhelmingly in favour of accepting Jinchuan's 9.1 billion rand ($1.1 bln) offer for the company.
The takeover is still subject to regulatory approvals in South Africa, China, Zambia and the DRC, which the company expects to complete by December. The miner will be delisted from the Johannesburg Stock Exchange after that.
Goodlace said the closing of the transaction was proceeding on plan.
Metorex shares closed 2.26 percent lower at 7.72 rand on Monday, compared with a 0.69 percent rise in the broader All-share index.
This article was originally posted on Africa Oil & Mining Network
Are you interested in Market Research, Recruitment and Business Leads?
Join the Africa Business Panel, powered by Africa Business Communities.
www.africabusinesspanel.com.